Considering advanced prints from CME Group for natural gas futures markets, open interest shrank by around 6.1K contracts at the end of last week, offsetting the previous day small uptick. In the same line, volume retreated for the third straight session, this time by around 36.1K contracts.
Natural Gas: On its way to another test of the 2023 low
Friday’s uptick in prices of the natural gas came on the back of diminishing open interest and volume, which is indicative that a rebound seems not favoured in the very near term at least. Against that, the path of least resistance remains a gradual decline to the 2023 lows in the sub-$2.00 mark per MMBtu (February 22).
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